Given the following information, construct a statement of cash flows for the most recent year.

INCOME STATEMENT:

Key Input Data for Cumberland Industries				2017
(Thousands of dollars)
Sales Revenue				$475,000
Expenses (excluding depreciation) as a percent of sales				75.0%
Net fixed assets				$85,000
Depr. as a % of net fixed assets				10.0%
Tax rate				40.0%
Interest expense				$9,000.00
Dividend Payout Ratio				50%
Cumberland Industries: Income Statement (Thousands of dollars)				2017
Sales				$475,000
Operating costs excluding depreciation				$356,250
EBITDA				$118,750
Depreciation (Cumberland has no amortization charges)				$8,500
EBIT				$110,250
Interest expense				$9,000
EBT				$101,250
Taxes (40%)				$40,500
Net income				$60,750
Common dividends				$30,375
Addition to retained earnings				$30,375

BALANCE SHEETS:

Dollar value of common stock issued (in thousands of dollars)				$13,500
Cumberland Industries December 31 Balance Sheets
(in thousands of dollars)
				2017	2016
Assets
Cash and cash equivalents				$91,450	$74,625
Short-term investments				$10,115	$15,100
Accounts Receivable				$108,470	$85,527
Inventories				$38,450	$34,982
Total current assets				$248,485	$210,234
Net fixed assets				$85,000	42,436
Total assets				$333,485	$252,670
Liabilities and equity
Accounts payable				$37,068	$23,109
Accruals				$30,405	$22,656
Notes payable				$13,100	$14,217
Total current liabilities				$80,573	$59,982
Long-term debt				$80,263	$63,914
Total liabilities				$160,836	$123,896
Common stock				$103,500	$90,000
Retained earnings				69,149	38,774
Total common equity				$172,649	$128,774
Total liabilities and equity				$333,485	$252,670

WORK STATEMENT OF CASH FLOWS:

Statement of Cash Flows
(in thousands of dollars)
Operating Activities
Net Income				$60,750
Adjustments:
Noncash adjustment:
Depreciation
Due to changes in working capital:
Due to change in accounts receivable
Due to change in inventories
Due to change in accounts payable
Due to change in accruals
Net cash provided (used) by operating activities
Investing Activities
Cash used to acquire gross fixed assets
Due to change in short-term investments
Net cash provided (used) by investing activities
Financing Activities
Due to change in notes payable
Due to change in long-term debt
Due to change in common stock
Payment of common dividends
Net cash provided (used) by financing activities
Net increase/decrease in cash
Add: Cash balance at the beginning of the year
Cash balance at the end of the year